TIDMASC
RNS Number : 8677R
ASOS PLC
10 November 2021
10.11.21
ASOS
2021 Capital Markets Day
ASOS is holding a Capital Markets Day later today for analysts
and investors. ASOS will set out how it will deliver on its
recently announced medium-term targets, build on that performance
over the longer-term, and provide greater detail and disclosure on
the business as it stands today. No update on current trading will
be provided, nor any material information not contained in this
document.
Mat Dunn, Chief Operating Officer and CFO, said:
"Today we are setting out the detail behind our plan to
significantly increase ASOS' sales and profitability across the
medium and longer-term. ASOS has a clear focus on meeting the needs
of our consumers, and we have created a winning offer underpinned
by our best-in-class customer experience. Our plan will ensure that
we fully leverage our strong, scalable global platform to deliver
our ambitions."
Overview
ASOS' focus is on delivering for fashion-loving 20-something
consumers around the world, and the Group sees significant further
growth potential with a Total Addressable Market (TAM) of GBP430bn
by 2030 in the UK, US, Europe and core RoW territories.
In a presentation led by Mat Dunn, supported by Cliff Cohen
(Chief Technology Officer), Jose Antonio Ramos (Chief Commercial
Officer), Robert Birge (Chief Growth Officer), and Vanessa Spence
(Commercial Design & Visual Director), ASOS will provide
updates on:
-- Platform and capabilities enabling success; having closed the
technology deficit and built its global logistics infrastructure,
ASOS now has the foundations in place to support long-term global
growth. ASOS will complement its unique offer of own and Partner
Brands and leading customer proposition with the rollout of its
Partner Fulfils model
-- Amplifying ASOS' winning offer; ASOS own-brands, enhanced by
the recent acquisition of the Topshop brands, are an important
global customer acquisition tool, with 60% of new customers putting
an ASOS brand in their basket. ASOS will expand the reach of its
brands by continuing to relentlessly improve its fashion
credentials. The Group will further improve its customer offer
through better availability across partner brands, improved
curation and an extended product choice in new categories such as
Sportswear and Face + Body
-- Approach to international expansion; ASOS will be more
focused with its international expansion. With the right technology
and logistics infrastructure now in place, ASOS will leverage the
global success of its own brand proposition to accelerate growth in
the EU and US by increasing the localisation of operations,
experience and assortment, underpinned by a ramp up in marketing
investment.
Confidence in achieving medium-term targets, with a runway for
further growth
Over the course of the next three to four years, ASOS is
targeting GBP7bn of sales, equating to 15-20% CAGR, and an EBIT
margin of at least 4% underpinned by operational excellence
initiatives of GBP50m to GBP100m. Key elements supporting this plan
include adding over GBP1bn of revenue from own brands; the rollout
and expansion of Partner Fulfils to represent 5% of GMV, and
continued growth in the market-leading UK business whilst doubling
the size of ASOS in the US and EU.
Looking further ahead, ASOS is confident that strong sales
growth can be sustained over the long term and margins can be
significantly enhanced in all territories. This includes a greater
contribution from Partner Fulfils which could represent up to 25%
of GMV over the longer term. ASOS currently delivers EBIT margins
of 7% in the UK, 2% in Europe, (6)% in US and 4% in RoW, reflecting
the different phases of development in each market. The combination
of ongoing improvements in cost efficiency across the group, scale
efficiencies in the international businesses, and an increased
contribution from Partner Fulfils - the margin for which is
anticipated to be in the region of 15-20% - should support an EBIT
margin of at least 8% over the long term.
Investor and analyst meeting
There will be a webcast for investors and analysts at 12:30pm
today. Webcast details for ASOS CMD - (12:30pm start)
Webcast link: https://event.sparq.me.uk/asos/ ; Dial in number:
tel:+441314601196 or tel:+442034815240 ; Meeting ID: 842 7635 3839
Passcode: 105989
A recording of the event, and the associated materials, will be
made available on the ASOS Plc investor centre website:
http://www.asosplc.com/investors.aspx .
ASOS Plc Tel: 020 7756 1000
Mat Dunn, Chief Operating Officer & Chief
Financial Officer
--------------------
Taryn Rosekilly, Director of Investor
Relations
--------------------
Headland Consultancy Tel: 020 3805 4822
--------------------
Susanna Voyle
--------------------
Stephen Malthouse
--------------------
JPMorgan Cazenove Tel: 020 7742 4000
--------------------
Bill Hutchings
--------------------
Will Vanderspar
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Numis Securities Tel: 020 7260 1000
--------------------
Alex Ham
--------------------
Jonathan Wilcox
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Tom Jacob
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Berenberg Tel: 020 3207 7800
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Michelle Wilson
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Jen Clarke
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Background note
ASOS is a destination for fashion-loving 20-somethings around
the world, with a purpose to give its customers the confidence to
be whoever they want to be. Through its market-leading app and
mobile/desktop web experience, available in ten languages and in
over 200 markets, ASOS customers can shop a curated edit of over
90,000 products, sourced from more than 850 of the best global and
local third-party brands and its mix of fashion-led own-brand
labels - ASOS Design, ASOS Edition, ASOS 4505, Collusion, Reclaimed
Vintage, Topshop, Topman, Miss Selfridge and HIIT. ASOS aims to
give all of its customers a truly frictionless experience, with an
ever-greater number of different payment methods and hundreds of
local deliveries and returns options, including Next-Day Delivery
and Same-Day Delivery, dispatched from state-of-the-art fulfilment
centres in the UK, US and Germany.
Website: www.asosplc.com/investors
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END
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